Good day, ladies and gentlemen, and welcome to the Pieridae Energy Annual General and Special Meeting and Q1 2025 Financial Results Conference Call. Please be advised that today's proceedings are being recorded. Following the formal business of the meeting and brief management presentation, we will conduct a question-and-answer session. If you have a question and you are viewing on webcast, please use the Ask a Question button in the top right-hand corner to type your question at any time during the presentation. If you are participating via telephone and would like to ask a question, please dial star one one at any time. You will then be in the queue for the question-and-answer session at the end of the call. I would now like to turn the meeting over to Mr. Dallas McConnell, Vice President, Corporate Finance. Please go ahead, Mr. McConnell. Thank you, Lauren. Hello and welcome to the Annual and Special Meeting of Shareholders of Pieridae Energy Limited. My name is Dallas McConnell. I am the VP of Corporate Finance for Pieridae, and I will be the moderator for today's shareholder meeting. Before commencing, we would like to acknowledge our operations in Treaty 6, Treaty 7, and Treaty 8 territory, the ancestral and traditional territory of many First Nations, the many districts within the Peace River Territory, the North Saskatchewan River Territory, and the Battle River Territory of the Otipemisiwak Métis government of the Métis Nation of Alberta, and the Northeast Region 7 in the Métis Nation of British Columbia. We recognize the land as an act of reconciliation and gratitude to those on whose territory we live and work. I would now like to take this opportunity to review the logistics for today's meeting. In addition to the in-person portion of the meeting at the offices of Norton Rose Fulbright, this meeting is being streamed by live audio webcast and telephone. Participants attending via the webcast or telephone may listen to the meeting and ask questions but will not be able to vote on items of business. Only registered shareholders of record as of March 24, 2025, and duly appointed proxy holders present in person at this meeting are entitled to vote on items of business. The procedure for voting and asking questions was addressed at the outset of this meeting. Please note that today's meeting is being recorded, and if you participate in today's meeting and disclose personal information, you will be deemed to consent to the recording, transfer, and use of same. If you disclose personal information of another person in today's meeting, you will be deemed to represent and warrant that you first obtained all required consents for the disclosure, recording, transfer, and use of such personal information from all appropriate persons prior to disclosure. It is now my pleasure to turn today's meeting over to Patricia McCloud, Chair of the Board of Directors for the corporation, Patty. Thank you, Mr. McConnell. Good afternoon and welcome to the 2025 Annual and Special Meeting of the Shareholders of Pieridae Energy Limited and to all the guests who have also joined us today. My name is Patricia McCloud. I am the Chair of the Board of Directors of the corporation, and I will act as Chair for today's meeting. Before we proceed with the formal business of the meeting, I would like to take a moment to introduce the other directors of our Corporation, as well as the senior officers and our new director nominees, one of which is here today and the other one, unfortunately, could not attend but sends, of course, his wishes. Directors and director nominees include directors and director. So So this list includes both our outgoing and our incoming. Charles Boulanger, outgoing; Rich Couillard, outgoing; Doug Dreisinger; Gail Harding, outgoing; Andrew Judson; Keiran Singh; Darcy Reding, who also serves as the corporation's President and Chief Executive Officer; Michael Backus; and Harvey Doerr, both of whom are incoming directors, and we welcome you. I wish to just quickly note my sincere appreciation for our departing directors. Their professionalism, their wisdom, and their contributions were immense, and they will be missed. The other senior officers of the corporation are John Emery, Chief Operating Officer; Adam Gray, Chief Financial Officer; and Paul Kunkel, Chief Commercial Officer. Darcy Reding and Adam Gray will provide a corporate presentation on the corporation's 2025 Q1 financial results following the formal segment of today's Annual and Special General Meeting of the Shareholders, and I invite you to stay for their presentations. We will now proceed with the formal part of the meeting. Meeting of shareholders of the corporation will now come to order. In accordance with the bylaws of Pieridae Energy Limited, I will preside as Chair of the meeting. I appoint the representatives from Norton Rose Fulbright Canada, LLP, present here to serve as Recording Secretary for the meeting. Paul Bedard, the corporation's representative from Odyssey Trust Company, will act as scrutineer for the meeting, to report on the shareholders participating in person and the number of shares represented in person or by proxy at the meeting, and to compute votes on any poll taken at the meeting or any adjournment thereof, and to report thereon to the Chair. Thank you, Mr. Bedard, for agreeing to act as Secretary or act in such capacity. My apologies. The notice calling this Annual Meeting of Shareholders was made available on March 27, 2025, to all shareholders of record as of March 24, 2025, being the record date of the meeting. Using the notice and access regime under applicable Canadian securities laws and delivered to all intermediaries as required by securities legislation. A declaration as to such distribution is available for inspection by any shareholder. The Secretary will append the declaration as scheduled to the minutes of the meeting. The notice calling this meeting was also sent to the directors of the c orporation and to Ernst & Young, LLP, as auditors of the corporation in accordance with the Canada Business Corporations Act. Pursuant to the corporation's bylaws, business may only be transacted at this meeting if two people holding or representing by proxy at least 5% of the shares entitled to vote are present. I will now confirm with the scrutineer whether we have quorum. Mr. Bedard, do we have quorum? Yes, Madam Chair, we have quorum. Thank you very much. I direct that the scrutineers' report be kept with the minutes of the meeting. Notice having been served in accordance with the bylaws of the corporation and a quorum being present, I now declare that the Annual and Special Meeting of the Shareholders of the corporation has been duly called and is properly constituted for the transaction of business. The purpose of this meeting is to allow shareholders to: receive the audited consolidated financial statements of the corporation for the year ended December 31, 2024, together with the report of the auditor thereon and the related management discussion and analysis; fix the number of directors of the c orporation to be elected as seven; elect the directors of the corporation for the ensuing year; appoint Ernst & Young, LLP, as the auditors of the corporation for the ensuing year; and authorize the Board of Directors of the corporation to fix the remuneration of the auditors; accept the corporation's approach to executive compensation; ratify the corporation's 2024 option grants and approve the unallocated options under the stock option plan; approve the amendment to the corporation's articles to effect the name change from Pieridae Energy Limited to Cavvy Energy Limited; approve the continuance of the corporation from the Canada Business Corporations Act to the Business Corporations Act, Alberta; and transact any other business which may be properly brought before the meeting. This is all as more particularly outlined in the Management Information Circular of the corporation dated March 24, 2025, which is available via the notice and access regime to all shareholders of the corporation with the notice calling this meeting. I will now review the procedure for voting at this meeting. Each item of business to be covered in today's meeting will be voted upon by shareholders other than the receipt of the financial statements and accompanying materials. Every shareholder of the corporation, as at the record date, is entitled to vote on such items of business and has one vote in respect of each common share held by that shareholder. Each item of business to be voted upon requires that the resolution be passed by a majority of the votes cast. As previously mentioned, only registered shareholders and duly appointed proxy holders present in person at this meeting are entitled to vote on such items of business. Pursuant to the corporation's bylaws and the Canada Business Corporations Act, all items of business must be decided on by a show of hands unless a ballot is required or demanded by a shareholder or duly appointed proxy holder. Madam Chair, my name is Adam Gray, and I am a proxy holder. In the interest of ensuring the meeting is timely and efficient, I demand that voting on all items of business be taken by ballot instead of by show of hands. Thank you, Mr. Gray. Pursuant to the corporation's bylaws and the Canada Business Corporations Act, registered shareholders and duly appointed proxy holders will vote on all items of business by ballot. The form of proxy or voting instruction form delivered to shareholders in connection with today's meeting provided shareholders with the option of appointing Darcy Reding or alternatively Adam Gray as such shareholder's proxy. As a result, Mr. Reding and Mr. Gray will be voting on their own behalf and on behalf of all shareholders who appointed either of them as their proxy. I will now review the procedure for asking questions at this meeting. We encourage all shareholders to ask questions. However, we do ask that questions unrelated to the matters to be voted upon be held until the formal portion of the meeting is complete. All participants who wish to ask a question are asked to state their name, the entity they represent, if applicable, and whether they are a registered shareholder or duly appointed proxy holder. Registered shareholders and duly appointed proxy holders attending this meeting in person may ask a question by raising their hand. Participants on the phone can initiate the question by dialing star 11. Participants on the webcast can submit questions by clicking the Ask a Question button on the top right corner of the webcast. Questions received via phone or the webcast will be read or summarized by the moderator along with the name of the person asking the question and the entity which they represent, if applicable. In each case, the Chair of the meeting will respond to the question or direct the question to an appropriate person. That is the administrative matters. As the first matter of formal business, I place before the shareholders at this meeting the audited consolidated financial statements of the corporation for the year ended December 31st 2024. Copies of such financial statements, the auditor's report thereon, and the management discussion and analysis have been made available to all shareholders. As is customary, we do not intend to conduct a vote on these financial statements. I declare that the audited financial statements of the corporation for the year ended December 31st 2024, together with the report of the auditors thereon and the management discussion and analysis have been received. As previously indicated, there will be a brief corporate presentation following the formal meeting to further discuss this. It is now in order to proceed with the election of directors of the corporation. I will first entertain a motion to fix the number of directors to be elected at this meeting at seven and invite any such motion to be seconded. Madam Chair, my name is Adam Gray. I am a proxy holder, and I so move. Madam Chair, my name is Paul Kunkel. I am a proxy holder, and I second the motion. Thank you. Is there any discussion? No, there is not. As there is no discussion, I now call for a vote on the motion before the meeting to fix the number of directors of the corporation at seven. I ask that all registered shareholders and duly appointed proxy holders that have not yet voted to please complete a ballot. Please raise your hand once your ballot is complete, and the scrutineer will collect it from you. Okay. Scrutineer has tabulated the voting result then, and I am informed that a majority of the votes submitted were in favor of the motion, and I therefore declare the motion carried. I now declare the meeting open for the election of directors. The articles of the corporation allow for a minimum of three and a maximum of 11 directors. The corporation has also adopted bylaw number three, which establishes the nomination procedures. Bylaw number three requires, among other things, that any notice of nomination, if given by or at the direction of the Board, must be included in the notice of meeting, and if given by any nominating shareholder in the case of an Annual and Special Meeting, must be delivered to the Corporate Secretary of the corporation no later than 40 days prior to the meeting, which in this case was March 29th 2025. I am informed by the Corporate Secretary that no such notice has been delivered by any nominating shareholder. The corporation has given notice of the nomination for election to the Board of Directors of seven individuals whose names and biographic information were included in the Management Information Circular. I will now entertain a motion placing the names of those nominees before the meeting for election as directors of the corporation and invite any such motion to be seconded. Madam Chair, my name is Adam Gray, and I am a proxy holder, and I nominate each of the following: Michael Backus, Harvey Doerr, Doug Dreisinger, Andrew Judson, Patricia McCloud, Keiran Singh, and Darcy Reding for election as Director of Pieridae Energy Limited to hold office until the next Annual Meeting of Shareholders or until their successors are duly elected or appointed. Madam Chair, my name is John Emery. I am a proxy holder, and I second the motion. Thank you. Is there any discussion? There is not. Okay. As timely notice has not been received of the nomination of any other individual for election as a Director of the corporation, and as the number of individuals nominated pursuant to this motion is equal to the number of vacancies on the Board of Directors, I now declare the nominations closed. I now call for a vote on the motion before the meeting to elect the aforementioned individuals as Directors of the corporation to hold office until the next Annual Meeting of Shareholders or until their successors are duly elected or appointed unless their office is earlier vacated pursuant to the articles or bylaws of the corporation or the Canada Business Corporations Act. Each Director nominee will be voted on individually rather than as a slate. I ask that all registered shareholders and duly appointed proxy holders that have not yet voted to please complete a ballot by selecting for or against. For For each Director nominee listed on the ballot, please raise your hand once your ballot is complete, and the scrutineer will collect it from you. Okay. The scrutineer has tabulated the voting results. I am informed that each of the Director nominees has received a majority of the votes submitted, and therefore I declare the motion for election of each of the Director nominees as Directors carried. Congratulations. I declare Michael Backus, Harvey Doerr, Doug Dreisinger, Andrew Judson, Patricia McCloud, myself, Keiran Singh, and Darcy Reding are each duly elected as a Director of the corporation to hold office until the next Annual Meeting of Shareholders or until their successors are duly elected or appointed. I would like to congratulate the Board of Directors and thank them all for their service. Next item of business is the appointment of the auditors of the corporation. The corporation proposes the appointment of Ernst & Young, LLP, as its auditors to hold office until the next Annual Meeting of Shareholders at such remuneration as may be fixed by the corporation's Board of Directors. May I have a motion, please, and a seconder of that motion? Madam Chair, my name is Adam Gray. I'm a proxy holder, and I move that Ernst & Young, LLP, be appointed as auditors of Pieridae Energy Limited to hold office until the next Annual Meeting of Shareholders at such remuneration as may be fixed by the Board of Directors of Pieridae Energy Limited. Madam Chair, my name is Paul Kunkel. I'm a proxy holder, and I second the motion. Thank you. Is there any discussion? No, Madam Chair, there is not. As there is no discussion, I'll now call for a vote on the motion before the meeting to appoint Ernst & Young, LLP, as auditors of the corporation to hold office until the next Annual Meeting of Shareholders at such remuneration as may be fixed by the corporation's Board of Directors. I ask that all registered shareholders and duly appointed proxy holders that have not yet voted to please complete a ballot. Raise your hand once the ballot is complete, and the scrutineer will collect it from you. The scrutineer has tabulated the voting results. I am informed that a majority of the votes submitted were in favor of the motion, and I therefore declare the motion is carried. The next item of business is the non-binding advisory vote on executive compensation, also known as say-on-pay. May I have a motion, please, and a seconder of that motion? Madam Chair, my name is John Emery. I am a proxy holder, and I move that on an advisory basis and not to diminish the role and responsibilities of the Board of Directors that shareholders accept the approach to executive compensation disclosed in the Management Information Circular. Madam Chair, my name is Adam Gray. I'm a proxy holder, and I second the motion. Thank you both. Is there any discussion? No discussion. As there's no discussion, I will now call for a vote on the motion before the meeting. I ask that all registered shareholders and duly appointed proxy holders that have not yet voted to please complete a ballot. Raise your hand, and the scrutineer will collect it from you. The scrutineer has tabulated voting results. I am informed that a majority of the votes submitted were in favor of the motion, and I declare the motion carried. The next item of business is to approve an ordinary resolution ratifying certain options to purchase common shares granted under the corporation's Stock Option Plan in 2024 and approving the unallocated options to purchase common shares of the corporation pursuant to the Stock Option Plan to enable the corporation to continue granting stock options under the Stock Option Plan until May 8, 2028, all as further described in the Management Information Circular. May I please have a motion to approve the ordinary resolution set forth in the Management Information Circular with respect to the ratification of the 2024 option grants and approval of the unallocated options under the Stock Option Plan and a seconder of that motion? Madam Chair, my name is Adam Gray. I am a proxy holder, and I so move. Thank you. Madam Chair, my name is Paul Kunkel. I am a proxy holder, and I second the motion. Thank you. Is there any discussion? There is not, Madam Chair. As there is no discussion, I now call for the vote on the motion before the meeting to approve the resolution set forth in the Management Information Circular ratifying the 2024 option grants and approving the unallocated options pursuant to the Stock Option Plan. I ask that all registered shareholders and duly appointed proxy holders that have not yet voted to please complete a ballot. Raise your hand once completed, and the scrutineer can collect it. The scrutineer has tabulated the voting results. I am informed that a majority of the votes submitted were in favor of the motion, and therefore I declare the motion carried and that the resolution with respect to the ratification of the 2024 option grants and the approval of the unallocated options under the Stock Option Plan as set forth in the Management Information Circular have been approved as an ordinary resolution of the shareholders. The next item of business is to approve a special resolution to amend the articles of the corporation to change the name of the corporation from Pieridae Energy Limited to Cavvy Energy Limited or such other name as may be approved by the Board in its sole discretion as further described in the Management Information Circular. May I please have a motion to approve the special resolution set out in the Management Information Circular with respect to the amendment of the corporation's articles to change the corporation's name? Madam Chair, my name is Paul Kunkel. I'm a proxy holder, and I so move. Madam Chair, my name is Adam Gray. I'm a proxy holder, and I second the motion. Thank you. Is there any discussion? There is no discussion. As there is no discussion, I now call for the vote on the motion before the meeting to approve the special resolution regarding changing the corporation's name from Pieridae Energy Limited to Cavvy Energy Limited. I ask that all registered shareholders and duly appointed proxy holders that have not yet voted to please complete a ballot. Raise your hand once complete, and the scrutineer can collect it from you. Okay. The scrutineer has tabulated the voting results. I am informed that over two-thirds of the votes submitted were in favor of the motion, and therefore I declare the motion carried and that the resolution with respect to the change of the corporation's name set forth in the Management Information Circular has been approved as a special resolution of the shareholders. The next item of business is to approve a special resolution approving the continuance of the corporation out of the federal jurisdiction under the Canada Business Corporations Act and into the provincial jurisdiction of Alberta under the Business Corporations Act of Alberta, including the adoption of new bylaws of the corporation that are compliant and consistent with corporate laws in Alberta, all as further described in the Management Information Circular. May I please have a motion to approve the special resolution set forth in the Management Information Circular with respect to the continuance of the corporation into Alberta and the adoption of new bylaws in connection therewith? Madam Chair, my name is Adam Gray. I'm a proxy holder, and I so move. May I have a seconder? Madam Chair, my name is John Emery. I'm a proxy holder, and I second the motion. Thank you both. Is there any discussion? There is not, Madam Chair. As there is no discussion, I now call for a vote on the motion before the meeting to approve the special resolution set forth in the Management Information Circular with respect to the corporation's continuance into Alberta. I ask that all registered shareholders and duly appointed proxy holders that have not yet voted to please complete a ballot. Raise your hand once complete, and the scrutineer can collect it from you. Okay. The scrutineer has tabulated the voting results, and I am informed that more than two-thirds of the votes submitted were in favor of the motion, and I therefore declare the motion carried and that the resolution with respect to the continuance of the corporation into Alberta as set forth in the Management Information Circular has been approved as a special resolution of the shareholders. I now ask if there's any other business to be brought before this meeting. Okay. Hearing and seeing no other business to be brought before this meeting, I now declare the formal portion of this meeting to be concluded at 1:54 P.M. Thank you, everyone, for attending. I've used up all my words for the day. I will now ask Darcy Reding, our CEO, to provide the corporate presentation, and Adam Gray, our CFO, will then present our recently released 2025 Q1 results. Thank you, Patricia, and thank you, everyone, for your interest in our Annual General Meeting and for remaining with us as we recap our corporate strategy and review our first quarter 2025 results. We are thrilled that our name change is now officially approved, and we are excited to begin sharing our Cavvy Energy rebranding, as you will see on the supporting materials accompanying this investor call. Before I begin, I would like to remind you that our remarks today will include forward-looking statements that are subject to important risks and uncertainties. For more information on these risks and uncertainties, please see the reports filed by Pieridae Energy and Canadian Securities Regulators on cedarplus.ca. I'd like to begin our first quarter review with a refresh of our corporate strategy and our progress on that strategy to date. As we communicated in our fourth quarter and full year 2024 investor call back in March 2024, it was a year of significant achievement for the company despite facing stiff headwinds from persistently low natural gas prices. However, we accomplished several strategic milestones, including the sale of our Goldboro LNG asset in Scotia, using the proceeds to help extinguish our high-cost bridge loan, growing our processing business in Central Alberta, successfully completing the Waterton gas plant maintenance turnaround on budget, and finally, raising over CAD 33 million through our private placement and shareholder rights offering. So far in 2025, we have received approval for our name change from shareholders, enabling the conclusion of the transition phase of our strategic pivot to focus on profitable Western Canadian energy development. We are focused on progressing our other 2025 strategic goals, including consolidating company volumes from high-cost non-operated infrastructure into our own operated facilities, where cost structure reduction remains a key priority and the marginal cost to process additional volumes is very low. We are realizing material growth in our third-party processing business, and this will continue to be a key area for Cavvy Energy in 2025, which I will speak to in greater detail in a few moments. We are delivering tremendous investment returns and incremental cash flow from the optimization project investments funded from the proceeds of the successful rights offering in 2024, and we expect to meet or exceed our performance targets associated with these projects. Deleveraging our balance sheet remains a key goal for Cavvy in 2025 as we target an improved debt-to-cash flow ratio that we believe is imperative as we approach the end of our current term loan in 2027. Last but certainly not least, we remain excited about the pending expiry of a sulfur contract on December 31, 2025, that will present an opportunity to sell 100% of our sulfur production at market prices. Although we spoke at length about this pending sulfur contract expiry in our last results call in March, it remains a significant source of potential new cash flow for Cavvy, and it warrants additional commentary that I will provide in a few moments. In the supporting materials you see in front of you, I have outlined a few key outcomes from the first quarter of 2025, which can be compared to our 2024 actuals. Although Q1 2025 production is lower and our per barrel operating costs are consequently higher than in 2024, this is driven primarily by the unscheduled 38-day outage at the Jumpingp ound gas plant, which occurred almost entirely within the first quarter, with the plant coming back online in the first week of April. Our full year 2025 production guidance of 23,000-25,000 BOE per day remains intact, and we are confident that full year per barrel operating expense will be significantly lower than the first quarter outcome, which again was heavily influenced by the loss of production volumes from the Jumpingp ound outage in the quarter. As we look towards 2026 and beyond, we are focused on strengthening net back and cash flow and reducing debt. Filling our gas plants with production and infrastructure consolidation and expanding our third-party processing business remain keys to our strategy. Improving cash flow will assist us to further deleverage and open opportunities to use free cash flow for complementary acquisitions. Ultimately, we expect Cavvy to be in a position to commence drilling activity on the company's industry-leading Foothills liquids-rich natural gas inventory in 2027 and beyond. We are proud of our strategic achievements to date, but we have much work yet in front of us. We are confident that our strategy is sound, and we remain committed to continuously improving the business with a keen focus, of course, on delivering shareholder return. We continue to grow our third-party processing volumes and revenue, with corporate first-quarter third-party volumes reaching nearly 82 million cu ft per day of raw natural gas production. Of this total, third-party processing volumes at the Caroline gas plant, specifically in Q1, were approximately 59 million cu ft per day of raw gas, a quarterly year-over-year increase of 122%. We believe the Caroline gas plant is a beacon facility for the upstream industry in West Central Alberta. The existing gas gathering infrastructure is extensive, and the supporting materials shown here map out an existing capture area estimated at approximately 1,000 sq km. Analysis of this capture area shows industry raw gas production at the end of the first quarter was nearly 200 million cu ft per day. The Caroline gas plant currently processes approximately 59 million cu ft per day, as previously mentioned, representing less than one-third of the production within the capture area. We anticipate that a large opportunity to grow our processing business at Caroline remains given these already established production volumes in the region. In addition, healthy drilling activity is ongoing in this area, with most operators targeting the Manville Glauconitic Formation. We see strong potential for industry volumes in this capture area to ramp up as the economics associated with this liquids-rich drilling have been very attractive. Complementary to the large third-party volumes within the capture area, we strongly believe that gas plant consolidation in the region provides yet another opportunity to unlock additional value with our ownership in the Caroline gas plant. We continue to work on synergistic solutions with other gas plant owners in the region to ultimately consolidate one or more of those facilities into the Caroline gas plant. Our own volumes of approximately 57 million cu ft per day of dry sour gas in the area are tied in currently to a third-party facility. These volumes are under an area dedication contract to that facility, and we do not anticipate restarting this production under this contract given the high-cost structure of this third-party gas plant. Although this gas remains shut in, we are optimistic that a synergistic agreement to consolidate processing infrastructure can be found that would facilitate a restart of this production to the Caroline gas plant under a much lower cost structure than at the third-party facility. We are optimistic this restart can occur prior to the expiry of the area dedication contract at the end of 2027. A distinguishing characteristic of Cavvy Energy amongst our peers is our significant sulfur production, which is derived from our raw gas feedstock that contains relatively high concentrations of hydrogen sulfide. Referencing the chart in the upper right of the supporting materials, in 2024, the company produced about 10% of all Canadian sulfur production, which amounted to nearly 500,000 metric tons or about 1,360 metric tons per day. A highlight of our March 2025 quarterly—sorry, yes, thank you—a highlight of our March 2025 quarterly investor call, and as discussed a few minutes ago, a key breakout component of our forward-looking strategy is the upcoming December 31st 2025 expiry of a fixed sulfur price contract. Under this contract, in place since late 2019, approximately 80% of our sulfur production capability is sold for net proceeds of CAD 6 per metric ton. Beginning in 2026, 100%—pardon me—100% of our sulfur sales will be exposed to full market pricing. The chart in the top left of the supporting information shows historical sulfur pricing since 2010 in U.S. dollars per metric ton, with pricing volatility being a notable component of that history. At present, sulfur pricing is approximately $270 per metric ton prior to transportation and other customary marketing costs. Although these robust pricing levels may not be sustained, we are optimistic that 2026 pricing in the range of $150 per metric ton is realistic. At this $150 pricing level, the net realized sulfur price is approximately CAD 115 per metric ton and represents an annual net revenue increment of approximately $34 million after crown royalties are deducted. Obviously, the expiry of this sulfur contract at the end of this calendar year represents a potentially significant additional revenue stream, and we are extremely excited about this milestone event as we continue on our strategic journey to deliver returns to our shareholders. As a final exclamation point to the potential value of this additional sulfur revenue in 2026, the supporting chart in the lower right shows the trailing opportunity cost of this fixed price sulfur contract. The difference between the light and dark blue bars represents the additional revenue the company did not realize due to the pricing constraints of this contract. Inclusive of Q1 2025, the opportunity cost for the trailing eight quarters averages approximately CAD 5 million per quarter and totals nearly CAD 41 million. Since Q1 of 2020, the effective start of the sulfur contract, the cumulative opportunity cost to the end of Q1 2025 amounts to approximately CAD 193 million. Based on our current conservative forecast of sulfur price through to the end of this year, we expect an additional opportunity cost of CAD 28 million over the final three quarters of 2025. This would bring the cumulative opportunity cost from inception to approximately CAD 221 million for an average of CAD 9.2 million per quarter over the six years of the contract. As this trailing data and forward pricing assumptions suggest, Cavvy has a tremendous opportunity to gain a significant new stream of sales revenue beginning in 2026 with no additional cost to capture this revenue. This is obviously a very exciting opportunity, and we are eager to capture this upside starting in approximately eight months. Now that I have completed a recap of our strategic journey, we can move into our specific results for Q1 2025. At this time, I would like to invite Adam Gray, Chief Financial Officer, to do so. Thanks, Darcy, and good afternoon, everyone. I'll spend a few minutes today talking about the first quarter from an operating and financial perspective and provide an update on our hedge and guidance positions. I'll start by saying how excited I am about our new name and branding, as you can see on the screen. Thank you to the internal team who worked hard on this initiative over the past few months. If I say Pieridae today, I apologize. It'll take me a little bit of time to get used to Cavvy. Most of the highlights shown on this slide are discussed further in the operating and financial results slides that follow. At a high level, the first quarter of 2025 was characterized by four themes. First, the restart of our northern producing assets in response to improving ACO prices. Second, the continued acceleration of our third-party processing business. Third, the fairly significant deleveraging we've achieved made possible both by the hedge monetization and by cash flow from operations. Fourth and finally, the disappointing unplanned outage at Jumpingp ound, which came with a silver lining, which is that we were able to defer the next major planned outage at that facility from 2026 to 2027. I'll speak more about all these themes in the following slides. I'll turn your attention first to the mountain chart at the top right of this slide, showing our production by area for the last five quarters. This chart is helpful to explain the decisions we've made recently to shut in and/or restart production from certain producing fields in response to ACO prices, as well as to protect the business from very uneconomic processing fees charged by third parties. As you can see, in the second quarter of 2024, we shut in our Northeast BC and Northern Alberta production. These areas are both quite dry, meaning very little liquids are produced with the gas and have high variable cost profiles because we do not own any processing infrastructure up there. They also represent production in excess of our hedged gas levels, so their economics rely on open ACO market pricing. Gas prices improved sufficiently through March of this quarter, though, allowed us to turn them back on, and they are now producing combined approximately 2,300 BOE per day. However, we do expect gas price volatility to continue as we approach the summer months, which we will monitor closely and may choose to shut these areas in temporarily once again. In the third quarter of 2024, we also shut in the component of our Central Alberta production that flows into the third-party Ram River gas processing facility. That production will remain shut in for the foreseeable future. What is remaining in the Central Alberta region, represented by the brown line of the graph, is production which flows into our owned Caroline gas processing facility. In very late February 2025, our Jumpingp ound plant and all the associated owned and third-party production was shut in to deal with a sulfur condenser repair. This particular sulfur condenser has caused us quite a few problems over the last number of years, and with the latest repair, we are very optimistic that we have dealt with it fully. The outage lasted until the first week of April and impacted our production, third-party processing revenue, and capital expenditures during the quarter. As always, we continue to thrive, strive to improve overall plant reliability and uptime through planned maintenance activities. Overall, for the quarter, we produced just over 22,500 BOE per day. As a rule of thumb, our corporate production capacity, when all areas are producing, is approximately 36,000 BOE per day. Although it is challenging to many of our per BOE KPIs when large areas remain shut in, as I will discuss in a moment, we do believe that these shut-ins preserve cash flow, reserve value, and strategic optionality, and we are endeavoring to get them back on as soon as economically possible. Turning to operating expense now, on an aggregate basis, OpEx was CAD 44 million for the quarter versus CAD 43 million for Q4 of 2024 and CAD 52 million for Q1 of 2024. We've seen a substantial drop in overall OpEx following the shut-in of our Central Alberta volumes, but that has not yet translated into a corresponding decrease in per BOE OpEx. There are several factors for this, which I'll take you through. First, we must sustain a base level of fixed operating cost in the shut-in areas, which is unavoidable, such as property taxes and wellsite monitoring. Those add to the cost base without any corresponding production. Second, the outage in Jumpingp ound this quarter impacted production, but because of our high fixed cost percentage at owned gas processing facilities, operating expense was not favorably impacted during the outage, increasing per BOE OpEx. Third, and most importantly, we have been aggressively and successfully working to increase our third-party processing revenues at Jumpingp ound and Caroline, as Darcy mentioned. We've seen some real success on that front, evidenced both by the increase in throughput volumes and third-party revenue during the quarter. However, there are some incremental costs, such as compression power, which are required to grow our third-party gathering and processing business. These costs drive compelling economic returns but negatively impact our per BOE costs because the BOEs in the calculation's denominator are only our volumes, not third-party volumes. As a point of reference, during Q1 2025, 40% of the total throughput at all of our facilities on a combined corporate basis was third-party throughput. This is why we use and disclose adjusted operating expense as an important KPI to try and make per BOE metrics more meaningful for a business that does a growing amount of third-party processing and makes a lot of sulfur, the production of which is not included in per BOE metrics. While operating expense metrics did not meet our expectations this quarter, we expect to continue to deliver actual and adjusted operating expense reductions over time, building on the 15% year-over-year actual reduction in 2024. We also anticipate third-party revenue growth and, starting in 2026, sulfur revenue growth, as has been discussed. Turning to financial results, during Q1, our hedge book continued to deliver stability on both the natural gas and WTI fronts. We are pleased to have generated $0.10 per share in NOI and $0.07 per share in operating funds flow. These results were positively impacted by the hedge monetization in mid-March. NOI on an adjusted basis before the hedge monetization was $0.06 per share. As a reminder from the last investors' call, we monetized about 30% of our natural gas contracts, corresponding to approximately 25,000 GJ a day for January 2026 through May 2027. We simultaneously accelerated additional cash flow for part of that period by restriking the remaining gas hedges from CAD 3.78 a GJ- CAD 3.40 a GJ for June 2026 through May 2027. The timing of that transaction appears to be positive as the gas futures strip over that time period has continued to improve, and we anticipate being able to re-hedge when the time is right and we can achieve the long-term ACO pricing we desire. Our lenders were also supportive of conducting these transactions, which netted just over CAD 10 million, 100% of which was applied to our senior term loan. This transaction comes with the added benefit of lowering cash debt service cost. In total, during the quarter, we repaid over CAD 15 million of long-term debt spread between repayments against our senior term loan and our revolving facility, normalized for changes in FX as these facilities are denominated in US dollars, and for the pick of our sub-debt interest, total long-term debt decreased by CAD 13 million during the quarter. Turning your attention to capital expenditures in the stack at the bottom middle of the slide, we incurred CAD 6.5 million of capital investment during the quarter, roughly split between the Jumpingp ound repairs at CAD 2.7 million and the ongoing investment of a portion of our rights offering proceeds into high-impact well and facility optimization projects at CAD 2.6 million. The Jumpingp ound repairs took 38 days, as Darcy mentioned. Because of the length of time it takes to cool off then reheat a sulfur condenser, crews on site took advantage of the outage to conduct a number of low-cost but time-critical maintenance projects in Jumpingp ound, the impact of which has allowed us to defer our planned major facility turnaround from 2026 to 2027. The savings from doing so, just from a cost of capital perspective, are over CAD 2.5 million. We are very pleased to have taken the opportunity to get this work done, and we commend the operators and field leaders for their ability to identify and respond to these opportunities quickly. We are also very pleased with the early results of our previously discussed well and facility optimization program. We budgeted CAD 10 million in capital towards this program in 2025, of which CAD 2.6 million was incurred in the quarter. The projects completed to date are on track to deliver well in excess of 100% IRR and are all expected to pay out before the end of the calendar year. We expect the ongoing deployment of this capital to positively impact cash flow over the short and long term and to meaningfully improve business valuation metrics. Okay, I'll finish up my section of this call by touching on our hedge position and our guidance update. First, we are currently forecasting to be at the high end of our NOI and production guidance range and continue to see positive upside potential if the slowly strengthening natural gas dynamic continues to hold. In aggregate, our natural gas production was over 100% hedged in Q1, reflecting the temporary loss of production from JP, and I expect to be above 80% hedged on natural gas for the remainder of 2025, assuming Central Alberta production remains shut in. Following the monetization transaction, the mark-to-market of our gas hedge book sits at approximately CAD 29 million in the money today. Our condensate production was approximately 67% hedged during the quarter, and while we are pleased to see the natural gas prices beginning to recover, WTI has taken a tough run since mid-April, and for the first time in a number of years, our WTI hedge book is fully in the money between now and Q2 2028, with an aggregate positive mark-to-market of CAD 10 million. While we don't produce any oil, the roughly 5,000 BOE a day of condensate and natural gas liquids we produced in Q1 are fully or partially benchmarked from a price perspective to WTI. On the currency front, we've hedged the majority of our US dollar-denominated debt service obligations between now and the end of 2025 with a variety of products. I'll direct your attention to our financials for details of these hedges, as they aren't highlighted on this slide. The Canadian dollar strengthened a bit through Q1 after weakening substantially throughout 2024, so while our FX hedging program is ever so slightly out of the money, it's doing its job to reduce cash flow volatility. That concludes my portion of the discussion. Thanks to everyone for participating today. Thanks for your support as this team works to accelerate the transition of our business and to grow cash flow per share. I'll turn the call back over to Dallas now for concluding thoughts and questions. Thanks, Adam and Darcy. We'll go to questions now. I think first we'll survey the room and see if there's any shareholders or visitors in the room who have anything they'd like to ask management. Okay, being none, I'll ask the operator on the line if there are any questions over the telephone possible. Thank you. There are no telephone questions at this time. Okay, on the webcast, I'm pleased to report we have a question. This question is from Bob, and I think it's for Paul. With the Jumpingp ound gas plant outage complete year to date, can you please provide an impact on the remaining 2025 quarters with respect to revenue increase due to third-party volumes in dollar terms? Cheers. Sure, thanks for the question. Year-over-year, 2024 to 2025, we're expecting approximately CAD 10 million additional revenue year-over-year. With respect to the Jumpingp ound outage, although it was important and critical, it was not extremely meaningful with just over CAD 1 million lost in revenue for that period. Thank you. Let's give a second to see if there's anything else coming in. There's not. That is that. Thank you. There are no further questions. I would like to thank everyone for their participation in our shareholder meeting and our Q1 investor conference call. Thank you for your interest in Cavvy Energy. Have a good day. This concludes the meeting, and you may now disconnect the call.